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GM Stock Drops as Goldman Sees It Losing Some Pickup Ground to Ford

GM Stock Drops as Goldman Sees It Losing Some Pickup Ground to Ford
Lindaparton | Dreamstime

Monday, 30 October 2017 12:40 PM

General Motors Co.’s savvy mobility bets aren’t keeping all of Wall Street satisfied.

The automaker, whose shares had climbed 28 percent this year through Friday’s close following a parade of analyst reports lauding its technology chops, fell the most intraday since February after Goldman Sachs downgraded it to sell from neutral.

GM dropped as much as 5.3 percent in New York and was down 2.3 percent to $43.61 at 9:42 a.m.

Analyst David Tamberrino cited a peaking North American auto cycle in general and GM’s pickup truck changeover cycle in particular as factors weighing down the carmaker’s outlook.

“As GM approaches a 2018 changeover with incremental downtime and given Ford’s recently refreshed F-Series, we expect share shifts to pressure GM,” he wrote in an Oct. 30 note. He said he’d be more positive on the stock if GM further reduces inventory levels and cuts incentive spending.

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General Motors Co.'s savvy mobility bets aren't keeping all of Wall Street satisfied.
gm, goldman, ford, pickup, truck, stock, price, shares
146
2017-40-30
Monday, 30 October 2017 12:40 PM
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